By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 8 (CNS Canada) – ICE Futures Canada canola contracts bounced around both sides of unchanged in choppy activity on Friday, although the bias was lower in the most active months at midsession.
The advancing Western Canadian harvest accounted for some of the selling pressure in canola, with the latest Canadian Grain Commission data showing heavy farmer deliveries into the commercial pipeline of 544,000 tonnes during the week ended September 3.
Losses in the Chicago Board of Trade soy complex and the continued strength in the Canadian dollar contributed to the softer tone in canola, according to participants.
However, scale-down end user demand helped limit the losses. Chart support was also holding to the downside, as canola neared the bottom edge of its nearby trading range.
About 10,000 canola contracts had traded as of 10:52 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
